8 Best Online Savings Accounts [October 2022]

While the best savings accounts used to come from traditional brick-and-mortar institutions, this is no longer the case at all. The reality is, many banks that are online fintech companies offer savings accounts with lower fees (or no fees) these days, in addition to their rates of interest are a lot more competitive than you’ll find elsewhere.

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Don’t let’s face it? When you do a little digging, you’ll find that banks quickly like Chase and Wells Fargo are offering a paltry .01% rate on their savings that are regular.

Since you certainly need to secure the best rates you can easily in your savings, it is imperative to compare banks in addition to their savings account offers side-by-side. We simply did exactly that to assist you in your research, so we highlight the number one savings accounts of 2022 below.

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Best Online Tools Best User Experience Best for Easy Online Transfers Best for High APY Best for No Minimum Deposit
CIT Bank Barclays Discover Bank Savings Accounts Bread Savings HYSA UFB Direct Marcus by Goldman Sachs
Our Partner Our Partner Our Partner Our Partner
Annual Percentage Yield (APY)

1.90%

1.40%

1.30%

1.65%

2.21%

1.70%

Minimum Account Balance

$100

$0

$0

$100

$0

$0

Monthly Fees

None

None

None

None

None

None

FDIC Insured?

Yes

Yes

Yes

Yes

Yes

Yes

Mobile App Rating

3.4 out of 5 stars on Google Play

4.6 out of 5 stars in the App Store

1.6 out of 5 stars on Google Play

3.5 out of 5 stars in the App Store

4.7 out of 5 stars on Google Play

4.9 out of 5 stars in the App Store

2.8 out of 5 stars on Google Play

4.5 out of 5 stars in the App Store

4.4 out of 5 stars on Google Play

4.8 out of 5 stars in the App Store

4.3 out of 5 stars on Google Play

4.8 out of 5 stars in the App Store

UFB Direct

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Annual Percentage Yield (APY)

Mobile App Rating

4.4 away from 5 stars on Google Play

4.8 away from 5 stars for the App Store

Our Picks for Best Savings Accounts of 2022

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For an easy and effective way of saving money, a High-Yield Savings Account is a bet that is good. Simply click below and open your bank account today.

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Best Savings Accounts – Reviews(we profile in this guide, you should get a general idea of how each account works including their minimum account balance requirements and monthly fees*)Before you open up one of the best savings accounts. The savings that are following reviews will allow you to discover more about each bank and the things they offer.

Current APY

Best User Experience: Discover Online Savings Account

Minimum Deposit Amount Fees 3.00%
$0 None While

established fact for his or her popular rewards charge cards, this online bank also provides Discover, checking and savings accounts, and student education loans. When considering their bank account products, consumers can open a merchant account with a $0 minimum deposit requirement with no fees that are monthly maintenance fees.personal loansYou can open an online savings account with Discover without having to visit a bank that is physical, along with your Discover account will come with broad ATM access dependent on your geographical area. Other advantages of Discover online savings accounts include no fees for insufficient funds and usage of an incredibly rated app that is mobile makes it easy to make deposits, monitor your account balance, or transfer money between accounts on the go.

Current APY

Best High APY: UFB Direct Rewards Savings

Minimum Deposit Amount Fees 3.16%
$0 None offers a high-yield savings account with no maintenance or service fees and no account that is minimum required. You don’t have to manufacture the absolute minimum deposit that is direct of kind to qualify for their highest-yield offer, and you even get a free ATM card included.

UFB DirectUFB Direct also comes with a robust banking that is online, in addition to a mobile app this is certainly highly regarded by users. You need the app to manufacture deposits that are mobile track your spending and savings goals, and transfer money between accounts. This bank also comes with 128-bit encryption on their accounts, so you can rest assured your banking information and data that are personal stay safe.

Current APY

Best for No Fees: CIT Bank Savings Connect

Minimum Deposit Amount Fees 3.00%
$100 None While CIT Bank used to be a standalone bank that is online the institution is now a division of First Citizens Bank. With that in mind, you should know that the* that is( account requires the absolute minimum deposit with a minimum of $100 to begin. However, there aren’t any account management fees or hidden fees to understand, and consumers can earn a great rate of 3.00% APY.CIT Bank Savings ConnectOpening this account on the net is a piece of cake, and consumers are able to use the app that is mobile make deposits remotely, transfer money, or keep track of their savings balance. Like other savings accounts that made our ranking, CIT Bank is also FDIC insured. This means that depositors can sleep well at {night knowing that up to $250,000 of their savings has protection in the event of a bank default.

Current|knowing that up to $250,000 of their savings has protection in the event of a bank default.

Best for No Minimum Deposit: Marcus by Goldman Sachs

Current night} APY Minimum Deposit Amount Fees
2.50% APY $0 None

Marcus by Goldman Sachs offers a number of the* that is( and personal loans on the market today. Their savings accounts in particular offer a APY that is competitive of%. There aren’t any fees needed for this account, and you may open one to get started without any deposit that is minimum. You can also make transfers that are same-day other banks in amounts as much as $100,000, and Marcus by Goldman Sachs accounts are typical FDIC insured.

The Bank’s app that is mobile also highly rated and recommended. Applicants can open their accounts online or using the app that is mobile however the app is actually incredibly useful after you fund your bank account. For example, you can utilize the Marcus by Goldman Sachs app to schedule transfers inside and outside of the account, find out how interest that is much have earned, and keep track of your savings goals.

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Best for Citi Customers: Citi Accelerate Savings

Current APY Minimum Deposit Amount Fees
2.65% $0 $4.50 monthly service fee if you maintain a balance of less than $500

If you are hoping to open a savings account with a bank that may have physical branches in your area, Citibank is worth considering. This bank has branches throughout the national country, but you’ll be also able to get into over 65,000 ATMs through their network. At the same time, Citibank also provides a helpful app that is mobile excellent ratings on Google Play and in the App Store.

In Terms of their online savings account, their tier that is highest of savings currently earns 2.65% APY. A monthly service fee of $4.50 may apply in the event that you {have a Citi Accelerate savings account without a connected checking account, but you can have this fee waived if you maintain an average monthly balance of at least $500 in your account at all times.

Best Online Tools: Barclays Online Savings Account

Current|maintain an average monthly balance of at least $500 in your account at all times. Current if you have a Citi Accelerate savings account without a connected checking account, but you can have this fee waived} APY Minimum Deposit Amount
Fees 3.00% $0(* that is*)None( is another bank that provides exceptional high-yield bank account almost any person can open. This account is now earning 3.00% APY, together with account that is minimum requirement starts at $0. There are also no fees that are monthly using this account, in addition to no hidden fees in general.

Barclays accounts come with FDIC insurance, plus they allow it to be an easy task to transfer money between accounts online or by using the bank’s app that is mobile. {At the end of the day, this account is a no-frills option that aims to grow your savings without requiring you to jump through any hoops.

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Best Sign-Up Bonus Offer: SoFi Money

Current|This account is a no-frills option that aims to grow your savings without requiring you to jump through any hoops. Current at the end of the day} APY Minimum Deposit Amount
Fees 3.00% APY $0

SoFi None

offers a great APY of 3.00% on no minimum deposit requirement to their savings accounts and no monthly fees or hidden fees to worry about. The bank that is online even offering a brand new account bonus all the way to $300 whenever you sign up and set up qualifying direct deposits to your bank account.

Best for Easy Online Transfers: Bread High-Yield Savings

Bread SavingsOpening a merchant account with SoFi also gets you usage of significantly more than 55,000 ATMS that is fee-free in Allpoint ATM network, and qualifying direct deposits can protect you from overdraft fees when you overdraft your account by up to $50. A SoFi savings account also lets you access your paycheck up to two days early. The SoFi app that is mobile highly regarded at the same time, plus it makes it simple to keep track of all of your current Sofi accounts in a single place.

is an additional online institution which can help you grow a high APY to your savings and no hidden fees. You need at least $100 to open a savings account with Bread, and you can earn an APY of 3.00% after that regardless of your account balance.

Bread high-yield savings accounts are mostly free of frills and special features, but the company does have a app that is mobile a great amount of perks. For instance, the bread can be used by you app to monitor your savings balance, transfer funds, make deposits, and more. Bread also offers deposits that are unlimited mobile check capture and ACH transfer.Ads by Money. We might be compensated any time you click this ad.Ads by Money disclaimer

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With a High-Yield Savings Account, putting money aside just adopted easier.

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If the thought of securing your own future makes you stressed, let a High-Yield Savings Account set you at ease. Open your bank account today — it is as simple as clicking below.

Finding the greatest Savings AccountsCertificates of Deposit (CDs)Opening a savings account causes it to be better to achieve your savings goals, yet it could add up to see and compare other products that are financial money market accounts and best checking accounts as well. You can use to make regular purchases, you should also look at the

on the market today.

Savings if you want an account Accounts 101

If you still believe the most effective savings accounts can meet your requirements, keep reading to acquire more information regarding how savings accounts work as well as their pluses and minuses.

How Savings Accounts Work

A family savings is a kind of banking account that intends to greatly help you increase your money over the years. Savings accounts offer an percentage that is annual (APY) that is a lot higher than you’ll get with a checking account. However, some savings accounts come with minimum balance requirements, monthly fees, or limits on the amounts you can transfer or withdraw each month.

  • To Get the most out of a savings account, you should look for options that offer the APY that is highest you will get with reduced fees or no fees. You’ll be able to increase your savings faster by setting up transfers that are automatic deposits, and you can open multiple savings accounts for different goals.Use-Cases for Savings Accounts
  • There are myriad reasons to open a savings account with your regular bank or an institution that is online. Understanding that, below are a few of the very most uses that are common savings accounts and the funds they hold.Short-term Goals* that is(: Many consumers use a savings account to truly save up for short-term goals, whether that features home upgrades or repairs, a future vacation, or a brand new vehicle when it comes to family.Long-term Goals* that is(: You can also use a savings account to save for longer-term goals such as the down payment on a home, college tuition, or your future retirement.
  • Emergency funds: Most experts say you should have three to six months of expenses tucked away in a savings account for emergencies only. {With a fully-stocked emergency fund that’s

you’ll have some protection against unexpected expenses and bills, a loss in income, a job loss, and more.

Rainy|A loss in income, a job loss, and more.

  • Rainy with a fully-stocked emergency fund that’s
  • you’ll have some protection against unexpected expenses and bills} Funds
  • : It never hurts to have some savings that aren’t allocated for anything in particular day. You can open a savings account up and fund it for something that pops up, from a last-minute trip you should take to a splurge purchase of something you really have always wanted.
  • Savings Account pluses and minuses

Pros

  • Earns more interest than a checking account
  • Keep your money liquid and easily accessible all the time
  • Enjoy the protection of FDIC insurance
  • Many online savings accounts come without any balance that is minimum and no fees
  • Manage your finances seamlessly with a mobile app

Cons

Savings accounts can set limits for the number of withdrawals you can make each month

Minimum deposit requirements can apply

Some accounts have monthly fees

You may need to maintain a specific balance each month to avoid maintenance fees

Lower interest rates than Certificates of Deposit (CDs) and some money market accounts

How We Found the Best Savings Accounts

To find the best savings accounts on the market today, we looked for options that offer the highest annual percentage yield (APY) possible with no monthly fees or minimal fees required. We also looked for institutions that have a app that is mobile therefore we only considered bank account which happen to be FDIC-insured.(*)Other features we looked for include low minimum deposit requirements (or a $0 minimum deposit requirement), usage of fee-free ATMS, a robust online portal, and simple money transfers and deposits via an on-line banking portal or app.(*)Best that is mobile Savings Accounts FAQs(*)What are the best savings accounts?(*)The Best online savings accounts offer the interest rates that are highest with low fees or no fees after all. Predicated on our research, we feel that the number one bank account options of 2022 result from Discover, CIT Bank, Marcus by Goldman Sachs, Citibank, Barclays, SoFI, and a fintech company called bread.(*)APY is short for annual percentage yield. The APY is utilized to exhibit the rate that is real of earned in your bank account after using the magic of compound interest into consideration.(*)

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